Common Budgeting Mistakes to Avoid for Studying Abroad
Having a budget set in place is one of the most important prerequisites for studying abroad. However, there is one common mistake that most students commit. The right budget for studying abroad is created at the intersection of both these circles - Major & Minor Expenses.
Most students do not account for minor charges such as local travel and insurance expenses in their budget. This is also the precise reason behind the financial struggles that students face.
But are there any other mistakes?
1. Paying lots of Phone Bills📱💲
Coming from India where data plans are available for less than Rs. 10 a day for 1 GB of data, the plans in the US might come as a shock to you. (The phone calls are really expensive out there, you guys!) Students end up choosing the first telecom brand that they come across. However, there are many student-friendly providers that offer services at cheaper rates such as the following. Don’t worry, no sponsored content here :P
▪️ Tello: Custom plans with unlimited calls, texts, and 1GB of data for $10 per month.
▪️ RedPocket: $10 per month for 500 minutes of talk time, 500 text messages, and 500MB of data.
▪️ Consumer Cellular: Unlimited talk, text, and 1GB of data for $20 per month.
▪️ US Mobile: Unlimited talk and text, plus 12GB of data for just $20 per month. The plan even includes 5G and international roaming at no extra charge.
▪️ Mint Mobile: Introductory plan with unlimited calls, unlimited text, and 4GB of data for $15 per month but the condition is a three-month commitment and an upfront payment. To preserve the same plan after 3 months, you need to pay for a full year of service.
2. Not being aware of Student Discounts🙆♀️🙆♂️
Since the international education industry is on the rise, many brands and countries have special student discounts for almost everything. It is very important to use them for major cost-cutting. Some of the popular student discounts are as follows.
▪️ Digital Subscriptions of Amazon Prime, Audible, Spotify, Hulu, Showtime, Apple Music, Canva, Notion, Skillshare, GitHub, Adobe Creative Cloud and Evernote.
▪️ Service Discounts at Amtrak, Museums, Public Transport, Zipcar, Movie Theatres and even Car Insurance.
▪️ Shopping Discounts at Chegg, Lenovo, Microsoft, HP, Apple, Best Buy and Logitech.
▪️ Event Discounts at Sporting Events, Concerts, Campus events and Art events.
3. Not shopping in Yard/Garage Sales🛒
Garage sales are a very prominent concept abroad. People shop their entire wardrobe from such sales, and mind you, they are extremely cost-effective. You get good stuff for fewer rates!
Besides this, the other perks are:
▪️ Getting to know other people in your neighbourhood
▪️ Second-hand shopping is good for the planet as well
▪️ Everyone who participates will likely profit. A win-win for both sides!
4. Travel Cheaply🚌🚗🚲
If you are not a fan of walking that much, you will have to travel on public transport. If you buy your own vehicle or end up booking cabs, your expenses will shoot up significantly.
▪️ Bicycles: A bicycle can be a great way to get around your campus and your local area.
▪️ Car Pools: Plenty of college student-run carpools for getting around during the holidays. Many schools even offer services that help put together carpools. This makes it easy to find a cheap ride with people going to the same place as you.
5. Utilizing your credit well💳
If you have a student credit card that has to be repaid later, you must value the investment. Don’t go on shopping sprees, and try to save your credit limit as much as you can.
👉 The following article should help you in documenting all expenses: https://yocket.com/blog/total-expenses-for-ms-in-us
Remember, Budgeting is not restricting, it’s empowering😊✌️
#costofliving #expenses #studentlife
